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Eight straight rises! Tin shares soar to 20-month highs and tin prices hit record highs

iconJan 27, 2021 13:59
Source:SMM

Today, the non-ferrous metal plate moved stronger, including tin shares rose sharply, as of 13:15 in the afternoon, at 12.43, an increase of 2.3%, a narrower increase than in the morning. Recently, tin shares have continued to rise, and have achieved eight consecutive gains so far, rising to 12.58% at one point in intraday trading, the highest level since April 2019.

Tin shares said on the interactive platform that the rise in related metal prices has a positive effect on the company's performance.

Shanghai futures tin also strengthened again today. As of 13:15 in the afternoon, Shanghai tin's main contract was at 173640 yuan / ton, an increase of 1.66%. At one point in intraday trading, it rose to 173890 yuan / ton, a new high for listing.

The spot price of tin has been rising since the end of March 2020, showing a sharp rise after a small adjustment in early January 2021. On January 27th, the spot stock of SMM tin was quoted at 169500-172000 yuan / ton, with an average price of 170750 yuan / ton, an increase of 12.5% over the beginning of the year. According to SMM research, the current downstream fear of heights flooded the market, coupled with the approach of the Spring Festival holiday, the willingness of both supply and demand to enter the market appears weak.

"Click to view the spot historical price of SMM tin

From a fundamental point of view, according to SMM research, transportation of the WA tin mine in Myanmar has resumed since last Tuesday, with about 200 metal tons of tin ore being shipped out every day. According to local people, transportation of materials will last until around February 5 before the Spring Festival. The tight situation of domestic tin ore supply is still not effectively alleviated, the enthusiasm of smelter shipping is limited, and the spot market supply continues to be tight. SMM expects that the recent reduction in spot stock in domestic circulation and the release of pre-holiday stock demand constitute a certain support for tin in Shanghai, with a resistance of 175000 yuan / ton above and 167500 yuan / ton below.

In addition, LME tin inventory continued to decline. As of January 26, the data showed that it was only 1030 tons. The low inventory of LME and the high spot water show that there is a shortage of supply in the overseas refined tin market to support the high operation of Lunxi. As of 13:30 in the afternoon, Lunxi reported 22875 US dollars / ton. At one point, it rose to 22940 U.S. dollars / ton in intraday trading, approaching the 23000 U.S. dollars / ton mark. At the same time, it also reached the highest level since June 2014. SMM expects the upper resistance to be 23000 U.S. dollars / ton. The lower support is US $21500 / ton.

LME tin inventory

"Click to see more SMM metal data

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For queries, please contact Michael Jiang at michaeljiang@smm.cn

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